PIMCO’s founder and co-CIO, Bill Gross, raised his bet against U.S. government-related debt in April 2011 to 4% from 3% in March, The Wall Street Journal reports. The $240.7 billion Pimco Total Return Fund increased holdings of cash and its equivalent to 37% in April, up from 31% by the end of March. The holdings of mortgage-backed securities were decreased to 24% in April from 28% by the end of March. The fund’s emerging markets exposure increased to 11% of the portfolio, up from 10% in March, while municipal bonds remained unchanged at 4% month-over-month, adds Reuters.

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